- ABCD quartet will use Distributed Ledger Technology (DLT) and Artificial Intelligence (A.I) to monitor trade.
- ABCD says Distributed Ledger Technology (DLT) will replace its existing manual payment systems.
- The co-founder of ABCD, Louis Dreyfus, had earlier developed a highly functional DLT-based system for the Agri industry
It has been said that the World has become a global village in which there are no boundaries to trade and communication between countries or people of different regions. As a result of this, ABCD, the world’s four largest Agric businesses, plans to use the revolutionary blockchain technology and artificial intelligence to monitor international grain trades, reported Reuters on October 25th.
The ABCD Advantage
ABCD is an organization founded by Archer Daniels Midland Co, Burge Ltd, Cargill Inc, and Louis Dreyfus Co, which are all leading firms in the agricultural industry.
As reported by the company, this new concept of blockchain infused into the agricultural industry world is aimed at making international commodities trades more transparent and cost-effective.
In a joint press release, the company posited that this new concept would also replace their old manual payments system with a DLT-based, automated electronic system.
The companies did not disclose further information on how soon the new system will be effectively utilized.
One major advantage of the Distributed Ledger Technology (DLT) implemented by ABCD is that it has a shared record of data managed, monitored, controlled by a network of computers, rather than a trusted third party.
It’s worth noting that one of the founders of ABCD, Louis Dreyfus, had earlier in January developed a blockchain solution touted as the first-ever agricultural commodity transaction system.
Distributed Ledger Technology (DLT) is steadily gaining global adoption and its only a matter of time before blockchain becomes as natural a part of many businesses as computers.
As previously reported by Blockchain Reporter on October 25, 2018, Air Canada has integrated DLT into its operations to reduce its cost of operations.
Similarly, on October 24, 2018, Blockchain Reporter informed that coinbase and circle had collaborated in a joint venture to boost adoption for USDC, a dollar-backed blockchain-based stablecoin.